Delete Transaction

CPost

I want to delete a transaction, but the system isn't letting me. I can't change any information about it either (tried changing the date, the amount, etc). It's throwing my reconciliation off by $6.10. If I delete it, my problem will be solved, but can't do anything with it.
It's in the "Merchant Account Fees" category as a withdrawal from my bank checking.

UPDATE: While waiting for some help, I've discovered that what the transaction is and possibly why I can't delete it. Some of my invoices were paid via Stripe. Stripe removes their merchant fee before depositing into my account. The problem I'm having is the merchant fee records in Wave, but doesn't show in my bank statement which is why it's throwing off my numbers. I can not delete the merchant fee because it is attached internally to an invoice payment.

CPost

While waiting for some help, I've discovered that what the transaction is and possibly why I can't delete it. Some of my invoices were paid via Stripe. Stripe removes their merchant fee before depositing into my account. The problem I'm having is the merchant fee records in Wave, but doesn't show in my bank statement which is why it's throwing off my numbers. I can not delete the merchant fee because it is attached internally to an invoice payment.

CPost

(deleted comment to edit original post)

AlexL

Hi @CPost . Where are you located? With respect to Stripe fees in Ireland and Australia, Stripe includes VAT automatically as part of the transaction/merchant fee which Wave doesn't automatically record. We do have a way of handling this, but I want to confirm that this is what's going on.

Victapv

I am based in Ireland. And have the same issue. It is just wrong. Stripe issue a bill. We used to use a single bill payment and everything was fine. Just because bill includes VAT

JessG

@Victapv This transaction cannot be deleted as you mention due to the fact that it was paid via Stripe. As an accounting software and a payment processor as well, we need to keep trail of these payments/refunds for auditing purposes so those transactions are locked.

Since you're in a region where Stripe charges tax on the processing fee, you'll need to add this manually using a Journal Transaction in order to reconcile the account. To complete this, click on More > Add journal transaction in the upper right-hand corner of the Transactions page.

If the tax you're recording is recoverable, the Journal Transaction should look like this:

• Debit Sales Tax Paid Account for the amount of the tax
• Credit Payments by Wave clearing account for the amount of the tax

If the tax is not recoverable, the Journal Transaction should look like this:

• Debit Merchant/Stripe Fee Account for the amount of the tax
• Credit Payments by Wave clearing account for the amount of the tax

Make sure to categorize the incoming deposit as a transfer from the Payments by Wave account.

Lastly, if the tax you're paying is recoverable, make sure to add this detail to the notes of the Journal Transaction for your records. You'll also want to use the account transactions report for this Sales Tax, found by going to Reports > Account Transactions report, when filing. Because this tax has been entered manually using a Journal Transaction, it won't appear on the Sales Tax report as other transactions do.

I hope this helps to guide you! Let me know if you have any questions - we'd be happy to help!